If you have an elderly parent or family member who needs long-term care, you understand that it can be very expensive. According to Care.com (https://www.care.com/c/stories/10237/cost-of-senior-care/) , the average cost for nursing home care can range from $6,000 even up to $16,000 a month in Florida and Maryland. In most cases, neither the parent or adult children can afford or are prepared to pay for that type of care.
Some people believe that Medicare will pay for their nursing home expenses. This is a falsehood. Medicare is not structured in a way to pay for such a huge expense. In fact, it is just a form of medical insurance that will pay for temporary stay in a nursing home. So how do you reduce nursing home costs?
Transferring assets is an option that some people use to qualify for Medicaid. Medicaid is a program that will pay for long term care if the person is eligible. With Medicaid, a person will have to show financial need to qualify for assistance. Individuals do have the opportunity to legally transfer their assets, so the issue of eligibility will no longer be in question but this is a very complicated strategy.
Mindy at Felinton Elder Law & Estate Planning Centers can help you! The transfer of assets can be a bit complex. It is not something you should do without the benefit of a professional guiding you through the process.
As mandated by federal law, there is an eligibility period from the time you transfer your assets and apply for Medicaid. Prior to 2006, the time limit was 36 months, now it is 60 months.
This means that you will have to make some decisions on how you would like to proceed with your assets preferably 5 years in advance. But there are options even if you don’t have a full five years to have planned. Many people don’t know the laws regarding asset transfers. It is imperative that you find a professional like Felinton Elder Law & Estate Planning Centers to help guide you through the process.
Any attempts to transfer assets within the five-year period could incur huge penalties. Therefore, it is imperative to hire an Elder Law attorney. They understand all the legalities involving asset transfers.
Never take the risk of ruining yourself financially and Protect Your Fortune! Allow an attorney with over 35 years of experience take care of your asset transfers for you.
When you are ready to take the next step, contact Mindy at Felinton Elder Law & Estate Planning Centers. We are available on the phone at (301) 610-0055 or (561) 290-2179 or via e-mail at [email protected]. Protect Your Fortune and call Mindy today!